How to Handle Income / Expenses on Property Prior to LLC transfer
Hi BP,
Question about a new property I'm closing on Tuesday. My fiancé and I currently own 1 rental property together that's set up in an LLC together. We bought it with conventional financing and immediately transferred it into an LLC we setup with its own business bank account and such. Everything's been going just fine with that. We're getting married in December so waiting until AFTER the wedding to begin the rehab work on this new one (currently a tenant is occupying the unit so we'll be collecting cashflow in the meantime). My question is for this new property... How do we handle the finances of this property while it's in "limbo" prior to transferring it over to our LLC? This will be a BRRRR, and after it's done I'd like the LLC to have both properties in its name.
-Should we just do it immediately like last time?
-Do I need to establish a separate checking account if it is going to be held in our names for a few months before we rehab / refinance?
What are your thoughts? Thanks everybody.
Christian